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Here is What You Need to Know About the Credit Repair Process

Credit RepairIn the aftermath of the recession, many American families are still struggling with credit repair. Over extended and often struggling to figure out how to manage their budgets, there are a large number of people that have simply given up on repairing their credit. However, it is critical if you ever intend to purchase a new vehicle, home, or apply for a loan. Lenders, vendors, and potential employers all look at your credit score as a benchmark for your financial responsibility, making having a decent credit score a vital component to financial stability in today’s world.  On the other hand, you should know that credit repair is not as daunting a task as it seems.

Credit repair starts, as with most things, by understanding the basics. You need to know what it takes to repair your credit, what information you need to take positive steps, and who can guide you along the road to improving your scores.

Here is what you can do to get started:

Snapshot: Get the most recent copy of your credit report with a snapshot that includes your FICO scores. This will give you an excellent starting point to plan a roadmap to improving your credit. A snapshot will show you where your problem areas are, what items are causing your score to drop the most, and which areas need to be cleaned up first.

Get Help: Very few people have the savvy it takes to significantly improve their credit score on their own. This is nothing to be embarrassed by. It takes a skilled professional to navigate most financial circumstances, and your credit score is no exception. Getting the help you need in the form of a credit repair lawyer or financial expert is a wise idea. Together you can make a plan, which makes sense and allows you to pay your bills without compromising on your daily life. Having a professional in your corner is also useful when dealing with credit vendors and other companies who tend to be more responsive to an attorney than they would if you contacted them directly.

Time: Building your credit is a marathon, not a sprint. As you make improvements, pay down debt, and gradually eliminate negative line items, your credit score will start to go up. Don’t get discouraged if you don’t see an impact immediately.  It takes time for companies to update their records to reflect the new balance that you owe or any settlement agreements.  There are tools that we use to make sure that these updates happen faster, but you typically need to work with a professional to see these results.

If you are considering buying a home, a car or making any other major financial decisions, we recommend that you start the credit repair process immediately.  We can guide you through the process, make a plan for what you need to do and help to improve your scores.  By following a plan, you can increase your credit scores so that you can achieve the dreams you have for your family.